Limestone Bancorp, Inc.

Practice Area: 
Stock Symbol: 
Case Status: 

Ademi LLP is investigating Limestone (NASDAQ: LMST) for possible breaches of fiduciary duty and other violations of law in its transaction with Peoples Bancorp.

Ademi LLP alleges Limestone’s financial outlook and prospects are excellent and yet Limestone holders will receive only 0.90 shares of Peoples common stock for each share of Limestone common stock. Based on Peoples Bancorp’s closing price of $30.28 per share as of October 21, 2022, the aggregate deal value is approximately $208.2 million, or $27.25 per share.. The transaction agreement unreasonably limits competing bids for Limestone by imposing a significant penalty if Limestone accepts a superior bid. Limestone insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Limestone’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Limestone.